Fabogo(formerly known as Mazkara) a salon and spa discovery platform run by Dubai based Mazkara FZ LLC, has recently raised $2.25 million (Rs 14.5 crore) in its third round of funding from Dunamis Ventures Pte Ltd.
The company had earlier secured an angel funding of $500,000 in May, 2015 and $1 Million in January, 2016.
Founded by Roy and Mohammad Ali Akmal, Fabgo was launched in Dubai in March 2015 entered in Pune, India in August 2015 and then later in Mumbai.
The company is planning to utilize 40% of its funding to strengthen its technology and another 40 to increase its user base. The remaining amount will be used for geographical expansion.
“Our focus this time is technology because we’re entering into the transaction game,” Roy, co-founder Fabogo said.
Fabogo aims to be the world’s leading online engagement platform for the Personal Grooming Industry, working to bring salon & spa owners and their target market segment closer to each other and providing them the tools to interactively engage with each other.
The company claims to have 3,30,000 monthly visitors, from Dubai and India. It also claims that the number of users is growing at a rate of 20% per month.
“We aim to become the market leaders in our existing cities by March next year. For that, we aim to grow at about 25,000 user downloads month-on-month,” said Roy.
Like this press release? Submit yours here.